Dave & Buster's Entertainment Inc (NASDAQ:PLAY) posted weaker-than-expected results for the second quarter on Monday.
Dave & Buster’s reported second-quarter revenue of $557.41 million, missing analyst estimates of $562.78 million, according to Benzinga Pro. The entertainment and dining company reported adjusted earnings of 40 cents per share, missing estimates of 92 cents per share.
"We operate strong brands, with an exceptional business model across a unique national footprint. In my first several weeks, I've visited stores across the nation and witnessed firsthand the pride and dedication of our teams and how much our customers love us," said Tarun Lal, CEO of Dave & Buster's.
Dave & Buster's noted that same-store sales trends in the third quarter have been consistent with where they were exiting the second quarter. The company said it expects to open at least five additional international franchise stores over the next six months.
Dave & Buster’s shares fell 16.5% to $20.21 on Tuesday.
These analysts made changes to their price targets on Dave & Buster’s following earnings announcement.
- UBS analyst Dennis Geiger maintained Dave & Buster’s with a Neutral and lowered the price target from $29 to $25.
- Truist Securities analyst Jake Bartlett maintained the stock with a Hold and lowered the price target from $27 to $22.
Considering buying PLAY stock? Here’s what analysts think:
Read This Next:
Photo via Shutterstock
